Buy Motherson Sumi With Target Rs 194: Aditya Agarwal

Traders Are Recommended To Buy This Stock At The Current Level With A Price Target Of Rs 194 And Stop Loss Placed Below Rs 160.

Looking at the daily chart, Motherson Sumi precisely took support near its previous resistance of 151 (monthly candle close of July 2015) and rebound sharply from there.

The stock formed a Symmetrical Triangle pattern near the crucial support and eventually broke out from that pattern last Friday. The breakout of the said pattern was confirmed by a sharp rise in volume.

We are seeing a rising bottom formation on the daily RSI (14). Considering the above technical set up, traders are recommended to buy this stock at the current level with a price target of Rs 194 and stop loss placed below Rs 160.

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